Actuant Corp., parent of RV slideout suppliers Power Gear and Dewald, is selling 3 million more shares of common stock to the investing public for $30.50 a share.
The shares will be available for purchase until Wednesday (Feb. 13).
The secondary stock offering was announced Friday (Feb. 8), and the price of Actuant shares climbed $1.80 to close at $34.20 in New York Stock Exchange trading.
The 52-week high for Actuant shares is $35.45.
After paying underwriters’ fees, the stock sale will raise $86.7 million for Actuant, which it will use to repay the principal and interest on $70 million worth of debt that carries a 13% annual interest rate.
The underwriters, led by Wachovia Securities, also have the option of buying 450,000 addition shares if the demand exceeds the 3 million-share allotment.
In its stock offering prospectus, the Milwaukee-based Actuant listed Fleetwood, Monaco, Thor’s Keystone subsidiary, Forest River, National RV and Jayco as its major RV industry customers.
Actuant currently has 8.1 million shares outstanding.